Relief from stay

[Overmylimit]

Indymac or Onewest had set a hearing for the 24th, I am suppose to be discharged on May 4th. I just saw on Pacer that my lawyer sent in paperwork "The debtor has no basis to oppose the motion. Relief from stay can be granted to all creditors secured by the subject property"

Did he just throw me under the bus??

[HHM]

Well, do you have any defense to oppose the motion for relief from stay? 99% of the time, most debtors do not have a basis.

[tigergem]

I guess this is when one of those mortgage document audits might come in handy, eh? I heard or read somewhere, that if a mortgage has changed hands and they haven't crossed all their t's and dotted all their i's that you can file a legitimate defense and motion to dismiss with prejudice.

[Overmylimit]

Well, do you have any defense to oppose the motion for relief from stay? 99% of the time, most debtors do not have a basis.

No I don't I am trying to keep these units, they are 1 payment behind and they get a payment every month. But in the paperwork that asks for the RFS it says they will foreclose on the properties within 10 days of the relief....I am trying to get them caught up all the way before the hearing but I don't think I will make it so they will take the properties over 1 payment.....

[albacore44]

is this your mortgage on your residence ?? 1st or 2nd ??

[Overmylimit]

Hey Albacore, no this is about 2 rental properties I have, and I am 1 month behind. I just don't want them to get the RFS and foreclose because of one payment..



My primary home I have a 1st which was modified and is totally current and the 2nd hasn't been paid in over a year, I'm wondering when the 2nd is going to ask for a relief from stay also although if they got it the place is way upside down so I don't think they would want to foreclose

[Mensa1]

no this is about 2 rental properties I have, and I am 1 month behind. I just don't want them to get the RFS and foreclose because of one payment..

O.L. - you must have been further behind in the past than just 1 pymt, or else they wouldn't be foreclosing over that. Unfortunately until you get them caught up the default is a default (1 pymt or 10) and you could lose the properties over a small amount of back pymt unless you can cure the default. Of course since the lender has gone this far it may be hard to say even if you cured the default of 1 payment in arrears, that due to the Bk filing and charge off of the note (assuming you aren't reaffirming), that they may still foreclose.

You might wish to gain some insight from the lender before you break your back in an attempt to cure the default of pymts only to learn that you are still in default due to the disch of the debt in Ch 7.

[Overmylimit]

No never behind more than one payment, but they are a horrible bank. They would send 10 letters a month (I'm not making that up) saying they wanted to help me catch up or make arrangements. I would call and they would offer me TARP which I didn't qualify for....they wouldn't do anything else no half this month and half next month, put one payment on the end of the loan etc. Worst bank I ever dealt with by far

[Mensa1]

You are correct in that IndyMac and now One West Bank is the WORST.

The incentive for OWB to foreclose is much greater than to do any kind of a work out with the borrower. Here is an illustration of how it works; the FDIC sold everyone of the debtors with mtgs with OWB down the river... Biggest Rip-offs yet